LOS ANGELES, Nov. 16, 2021 (GLOBE NEWSWIRE) — The Global Blood Transfusion Diagnostics Market Size Is Estimated To Grow A CAGR Above 6.7% Over The Forecast Timeframe And Reach A Market Value Of Around USD 5,873.9 Million By 2028.
Blood transfusion is a general procedure where donated blood or blood components are transfused through an intravenous line (IV). In addition to that, blood transfusion diagnostics refers to test performed on blood components before transfusing them to patients. Blood transfusion saves a patient’s life and limits the complications of severe blood loss. Blood transfusion also helps a patient in many ways and could save them from facing a life-threatening situation. Numerous blood components transfused among the patients are plasma, platelets, red blood cells, white blood cells, albumin, and immunoglobulin preparations.
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The primary factor driving the growth of the global blood transfusion diagnostics market is the rising incidences of chronic disorders such as cancer, anemia, kidney and livers diseases, etc. Growth in awareness regarding blood safety from infectious disease and growing blood donation worldwide are some major global blood transfusion diagnostics market trends. However, the risk of infection from blood transfusion could limit the market growth although, the risk is low. The high cost of instruments and lack of advanced healthcare infrastructure in emerging economies is also expected to restraint the market from growing. Moreover, the growing number of road accidents and surging numerous government initiatives for blood donation campaigns are likely to propel the demand for the blood transfusion diagnostics market in the coming future.
|Market||Blood Transfusion Diagnostics Market|
|Analysis Period||2017 – 2028|
|Forecast Data||2021 – 2028|
|Segments Covered||By Product, By Application, By End-Use, and By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abbott, BAG Healthcare GmbH, Immucor Inc., Danaher, Quotient Limited, Bio-Rad Laboratories, Ortho Clinical Diagnostics, F. Hoffmann-La Roche AG, DiaSorin S.P.A., BIOKIT (Werfen), among others.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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The rising incidences of chronic disorders fuels the blood transfusion diagnostics market
Globally, chronic disorders are on the rise. An aging population and socioeconomic changes are causing to a continuous rise in these prevalent and costly long-term health issues. The middle class is expanding, and as urbanization speeds up, people are becoming more sedentary. Obesity rates and incidences of diseases like diabetes are rising as a result of this. According to the World Health Organization (WHO), chronic disease prevalence climbed by 57% by 2020. According to the reports, International Agency for Research on Cancer and GLOBOCAN states that an estimated 19.3 million new cancer cases were diagnosed in 2020. Similarly, anemia affects 1.62 billion people, which corresponds to 24.8% of the population globally. Therefore, a huge base of patients suffering from cancer, anemia, kidney and liver disorders require a massive amount of blood transfusion, eventually creating a significant demand for the blood transfusion diagnostics industry.
Global Blood Transfusion Diagnostics Market Scope
The global blood transfusion diagnostics market is classified based on product, application, end-use, and region. Based on product type the segment is categorized into reagents & kits, instruments, and others. The application segment is divided into blood grouping and disease screening (serological disease screening and molecular disease screening). Hospitals, blood banks, diagnostic laboratories, and others are covered under the end-use segment. Moreover, the regional segmentation is given into North America, Europe, Asia-Pacific, Latin America, and The Middle East & Africa.
Among product types, reagents and kits occupied the largest market share in 2020
In 2020, kits and reagents dominated the product type segment with the majority of the share and are likely to continue their dominance throughout the forecast period. The high growth in the segment is due to the easy availability of a wide variety of products such as blood grouping, typing, donor screening reagents, kits, and assays.
The disease screening application segment flourished with a significant market share in 2020
In 2020, the disease screening segment acquired the maximum share and is expected to retain its position throughout the forecast period 2020 – 2028. The surge in the number of transfusion-transmitted infection cases, and wide products offered by prominent manufacturers fuels the diseases screening segment.
In 2020, the North American region led the global blood transfusion diagnostics market with the maximum shares and is likely to continue its trend throughout the forecast period. The growing number of cancer patients, growing health awareness, and presence of hi-tech healthcare infrastructure rives the North American blood transfusion diagnostics market share.
However, the APAC region is likely to attain the fastest growth throughout the review period 2021 – 2028. The factors driving the growth of the Asia-pacific blood transfusion diagnostics market include increasing awareness about blood donations along with the launch of numerous blood campaigns in APAC countries. Furthermore, the growing number of road accidents and the presence of a huge base of cancer patients are also expected to drive the APAC market throughout the forecast period from 2021 to 2028.
The blood Transfusion Diagnostics market is consolidated with a large number of players. The key players profiled in the report include Abbott, BAG Healthcare GmbH, Immucor Inc., Danaher, Ortho Clinical Diagnostics, Bio-Rad Laboratories, F. Hoffmann-La Roche AG, Quotient Limited, DiaSorin S.P.A., BIOKIT (Werfen), and others..
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